Benefex announces acquisition of employee benefits business Vebnet, from Standard Life

Standard Life and Benefex agree strategic partnership 

27 November 2024, LONDON 

Benefex, the leading global reward and benefits platform, has today announced the acquisition of Vebnet from Standard Life, part of Phoenix Group, for an undisclosed sum.

Under the terms of the transaction, Standard Life and Benefex will enter into a strategic partnership with flexible benefit services currently provided to employers by Standard Life transferring to the Benefex employee benefits platform.

Upon completion, 31 corporate customers will transfer to Benefex resulting in more than 140,000 employees being added to its platform. Transferring clients from Standard Life will also have the option to further enhance their employee benefits technology through the wider product offering on OneHub and an expanded geographic footprint of Benefex’s services.

On announcing the acquisition, Benefex EVP, Adam Mason said: “This acquisition demonstrates our focus on growth, both organic and, in this case, through the purchase of Vebnet and its exciting customer community of large global brands. We look forward to enabling these customers to use Benefex technology to power exceptional experiences for their employees, in the UK and globally. The agreement will also see the talented team who have worked on these customers join the Benefex family”.

“Alongside the acquisition, we are thrilled to announce a strategic partnership with Standard Life. This partnership ensures that Standard Life customers using OneHub will also benefit from an enhanced set of integrations, that simplify processing and support employees with their Standard Life products and wider financial wellbeing”.

“This news confirms that Benefex is the go-to platform for organisations who see the potential of our technology to improve the experience of employer and employees alike.”

Gail Izat, Managing Director of Workplace and Retail Intermediary at Standard Life commented. “Employee flexible benefit solutions are increasingly a key differentiator in the workplace market with significant ongoing investment and resources required to meet the expectations of employers and members. Having undertaken a comprehensive review of the market we believe that our arrangement with Benefex and the creation of a strategic partnership, with a focus on the development of integrated solutions, will provide our clients with a best-in-class technology platform for their employees, and the capability to future proof their flexible benefit needs. Reassuringly for our clients, the great service and expert insight they have received from our flexible benefits team will continue with the same people working on their behalf at Benefex.”